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EOS: what's the price prediction for the near-term?
EOS (EOS.X) is trading at $7.18, down 5% from yesterday. After reaching a high near $9.00, the price of EOS declined against the US Dollar, reaching this week's low.
What is EOS price forecast, i.e., prediction? What are some of the key developments that investors should be aware of?
A wave of spam has caused EOS to jump past Ethereum (ETH) in terms of crypto transaction volume. The massive volume was caused by the spam from Black twitter, which is a smart contract vehicle. Black twitter, however, is not actually related to Twitter. As per Blocktivity’s Capacity Utilization Index, EOS operated at just 0.16% of its capacity despite all the spam.
The cost of launching decentralized applications (dApps) on the EOS platform has decreased because EOS block producers voted to double the network's RAM supply. Decentralized applications need a lot of memory space for storing their temporary data. Developers can purchase memory with EOS on the EOS RAM market. Despite being an innovative solution for RAM distribution, the market-based approach is susceptible to shortages and price inflation.
In a recent incident, developers were prevented from accessing necessary RAM to build and deploy dApps because hoarders and speculators took up about 85% of the network's RAM capacity. This increased the demand for scarce developer resources which caused a sharp rise of RAM prices beyond affordability.
In order to resolve RAM capacity issues, block producers voted to add new RAM to the network. RAM prices have since dropped drastically with 1MB of RAM costing approximately 235 EOS.
As EOS is gaining robustness and addressing issues around decentralization and RAM shortages, many investors are wondering how the cryptocurrency will perform in the near term. Here are the major technical indicators:
- MACD has entered the bearish zone. MACD (moving average convergence divergence) is a trend-following momentum indicator that shows the relationship between two moving averages of prices. MACD is calculated by subtracting the 26-day EMA (exponential moving average) from the 12-day EMA;
- RSI (relative strength indicator) dropped below 50, indicating that EOS is oversold. RSI compares the magnitude of recent gains and losses over a specified time period to measure speed and change of price movements of a security;
- A new major support level is forming at $6.91;
- A new major resistance level is forming at $7.52.
EOS and Ethereum (ETH): where are they headed?
Two cryptocurrencies that are increasingly being compared to one another are EOS and Ethereum. Ethereum has the history and longevity and has been widely viewed as one of the most promising cryptocurrency investments. But recently, EOS has been gaining momentum on Ethereum.
Here is what happened. Even though the Chinese Government totally banned all cryptocurrency activities within its jurisdictions, it has recently issued a ranking of blockchain platforms through the China Electronic Information Industry Development (CCID), which shows that EOS has outclassed Ethereum as the best blockchain platform available around the globe.
CCID evaluated three dimensions to come up with rankings for all cryptocurrencies: technology, applicability, and innovation. EOS scored better on all three dimensions than Ethereum. The irony is, the last time CCID ranked cryptos, Ethereum scored significantly above EOS.
This new ranking is somewhat controversial for EOS because of a recent couple of incidents. A few days before the MainNet went live, a serious security bug was discovered on the EOS platform. Also, there was a delay in attaining the 15% quota for staking tokens to allow for voting on the platform, along with a bug that brought the platform to a halt with transactions being frozen globally on the platform.
You can compare any two cryptocurrencies on Finstead.com (see example below for EOS.X vs. ETH.X).
Are hacking issues alone responsible for cryptocurrency price drop today?
The sharp drop in the price of bitcoin and other virtual currencies is attributed to the hacking of the South Korean cryptocurrency exchange Coinrail, which was compromised over the weekend.
The obvious question is, why did the price of Bitcoin and Ethereum remain relatively more stable than the price of other virtual currencies?
It's important to note that EOS, Tronix and Bitcoin Cash are all more susceptible to panic selling than the mainstream coins.
Coinrail is a relatively minor cryptocurrency exchange in South Korea, and the volume traded on Coinrail will not impact the price of altcoins dramatically. However, when a panic attack hits the market, manipulators are going to be most noticeable in those areas where liquidity is lacking.
Low liquidity is an issue for most altcoins because it allows individual traders to manipulate the price of cryptocurrencies. What follows next is a wave of panic selling from individuals who don't believe in the long-term opportunity for those altcoins, and are looking to curtail losses by liquidating their positions.
The current decline in the price of cryptocurrencies is a move perpetrated by market manipulators who can, for all intents and purposes, drive down the price when it's opportunistic for them.
To follow the price and news about cryptocurrencies, please visit Finstead (and type "BTC.X price" or "BTC.X news" to get the latest scoop and information).
Bitcoin, Ethereum, Ripple and EOS: who's winning and who's losing?
As the crypto market gains more mainstream popularity, one thing is apparent--increasingly more altcoins are gaining in status, relative to the (still) most popular cryptocurrency, Bitcoin.
It's a common belief today in the crypto investment world, that Bitcoin is losing dominance--and history of its market cap relative to all other cryptocurrencies shows exactly that. Also, Ethereum, which was once viewed as the enabler of blockchain-based projects and companies, is slowly losing its supremacy.
Some insiders, such as Brad Garlinghouse, Ripple CEO, declared that Bitcoin could be on the verge of experiencing a price downfall in the cryptocurrency community as investors are gradually becoming aware of the different currencies and alternatives available to them.
Individual investors are becoming more focused on the mission of crypto companies and currencies (e.g., what problems are they solving?) and also the teams that run them.
So which coins are gaining in popularity relative to the rest? And which ones are likely to make it to or stay in the top 5 list (by market cap), if they are not there already?
EOS is a well-funded project--over $4B went into it, and now the company is rapidly releasing new features and functionalities. The EOS team is an A-team--and that's a requirement for companies planning to win in the crypto space.
But funds are not everything. Microsoft has spent billions trying to make Bing relevant and it failed. It’s not about the money but about the way you use resources, says Brad Garlinhouse. Ripple (XRP) has used its funds very wisely in a way that has created value for their users and coin holders.
When Bitcoin was initially offered in 2008, it was a game changer. It was the first time people could initiate transactions and trade without having banks or governments behind it.
But the landscape has changed. The secret source to winning in the long term is talent investment, focus on execution and long-term vision. EOS and Ripple seem to have that--and we'll watch closely how they execute.
EOS price: what's going on?
EOS (EOS.X) is trading almost 7% down at the time of this writing. What is happening and what is the EOS price prediction?
Last week the CFO of Commonwealth Bank of Australia Rob Jesudason reportedly signed on with the firm of the founders of the world’s fifth largest cryptocurrency in the market today, Block.one. Block.one is a private company that has developed both the EOS token and the blockchain technology behind it.
The market failed to respond to this news. Instead, the cryptocurrency price dropped from $18 to about $13 where it's trading now.
EOS is correcting from its recent rally, and it yet has to find support.
Technical indicators show that a 50% retracement is likely required to instigate new buy orders. A bounce off this level could take EOS to a new peak.
If the price breaks the support level, traders are likely to initiate short orders, which could lead to a further decline.
Given the falling knife pattern of EOS price from the last 7 days, it may be just more prudent to adopt the 'wait and see' approach, until the cryptocurrency finds a new bottom.
For the latest news about and price of EOS, visit Finstead and type "EOS.X news" / "EOS.X price".
Top 3 cryptocurrencies to invest in for May 2018
As we're entering the month of May, we are sharing with you our insights on the best cryptocurrencies to speculate on in May 2018.
We used Finstead screener to generate the list of top altcoins by 1-month return, and we sorted them by market cap. We also included a 3-month return in our table, and then selected those cryptocurrencies that have both long-term and short-term momentum.
Among the top 10 cryptos, here are the 3 that caught our attention.
1. OmiseGo (OMG.X) is one of the most prominet Chinese blockchain projects. It is a project backed by a team of blockchain experts including Ethereum chief, Vitalik Buterin and is aiming to solve some major financial challenges.
Why invest in OmiseGo? Their team is unstoppable. In Q1 alone, they had a number of successful releases, and the progress they made since launch has been amazing.
Why invest in it? The crypto community believes that EOS can be a real competitor to Ethereum, and can still go a long way in terms of growing the market cap. EOS also demonstrated a ton of progress in Q1.
3. Finally, investors are excited about Verge (XVG.X) because of its commercial prospects. Verge has a deal with TokenPay, which signed a deal with a major German bank. Thanks to this deal, consumers are going to encounter XVG debit cards--and that's making altcoin speculators really excited about Verge.
Visit Finstead to view cryptocurrency charts--and try the screener to view cryptocurrency lists and generate investment ideas.
Before investing in any of those cryptos mentioned above, please do your diligence. You may gain a lot from the investments, but you are also likely to lose, so please exercise your caution.
EOS: what's behind the bull run?
After the market recovered from the US tax deadline, EOS (EOS.X) price witnessed a continuous rise, reaching the level of $21 per coin, an all-time high.
This is a phenomenally strong bull run. To get the latest price and news about EOS, please visit Finstead and type “EOS.X price” and “EOS.X news”.
So what exactly happened? What's driving the bull run?
EOS is benefiting from a number of factors. One of the reasons speculators are betting on EOS is Dan Larimer, who is leading EOS development efforts--and he also serves as CTO of BlockOne.
Crypto enthusiasts believe that Dan Larimer created an extraordinary altcoin. EOS earned a plenty of supporters, who trust Larimer as some who led two ICOs already, Steemit and BitShares.
The crypto community believes that EOS can be a real competitor to Ethereum.
There are other factors helping EOS propel to new highs:
- eToro has recently decided to offer this digital currency on its trading platform;
- OK Blockchain Capital intends to invest $100 million in projects that leverage EOS.
Some speculators believe that EOS should have a higher market cap than Ethereum. This perception is fueling the demand, despite the fact that this coin is still considered unproven and experimental.